What loan sizes are available for my business?
Business Lines are offered starting at a minimum
loan size of $10,000 and maximum loan size of $100,000 to qualifying
small businesses.
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How do I apply?
You apply for the Business Line by submitting a simplified
online application available through the Thomson Capital Group. You must have been in business for
at least two (2) or move years to apply. For loan amounts under $50,000
no additional documentation is required. Additional financial
documentation will be required for line sizes between $50,000 and
$100,000.
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Who can apply for a Business Line?
Any company or not-for-profit organization that has been
operating for at least two years can apply.
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Are there any requirements to apply?
Yes, here are the basic guidelines to apply for the AMEX Business
Line;
- Your business must be a minimum of two (2) years old.
- The applicant must be an owner or authorized officer of the
business.
- The business should have a positive net worth and positive
net income for the past two years.
- The owner(s) of the business should not have filed for
bankruptcy within the past seven (7) years.
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Is there a fee to apply for a Business Line of Credit?
No. There is no application or loan origination fee charged when your loan is approved.
There are annual fees that would be applicable to all active loan
accounts based upon the credit line approved. Accounts with an
approved credit line less than $15,000 have an annual fee of $99.00.
Accounts with an approved credit line more than $15,000 have an
annual fee of $149.00. These fees and any finance charges paid may be tax deductible (ask
your tax advisor).
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What is the rate?
Current Rates start as low as Prime Rate + 1.99% up to Prime Rate
+ 4.99%.
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Can I prepay a Business Line of Credit?
Yes. If you wish to pay all or any portion of your loan off early, you
will not pay a prepayment penalty. Pay the full amount due each
month, the minimum due, or any amount in between. [Back to top]
Do I have to be an American Express Card member to apply for a
Business Line of Credit?
No. However, as a Business Card member, you may be eligible for
even easier processing. The following links will provide access to
apply for your preferred AMEX Business Card; a Business Gold Rewards Card
or a SimplyCash Business Card.
American Express® Business Gold Rewards Card
1st Year Fee-Free – a $125 Savings - Apply Now
The American Express SimplyCash(SM) Business Card. Earn 5% cash back on gas, wireless and office supplies - plus 1% cash back on virtually everything else! - Apply Now
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Uncomplicated & Fast Secure Online Application Process
No
additional paperwork required in most cases